Presidential candidate Rick Perry has touted Texas’ thriving economy as a sign that he would make an excellent economic steward, but one of his proposals might not do so well on a national scale: a plan to let Wall Street gamble on when retired Texas teachers would die.
According to notes of a meeting provided to The Huffington Post, Perry’s budget director Mike Morrissey advanced a plan in which investors from Swiss banking firm UBS profited from teachers’ deaths by purchasing life insurance policies on them. A fee for arranging the deals would accrue to Texas, which Morrissey said could eventually generate as much as $700 million for Texas.While Perry’s office has repeatedly denied explicitly backing the scheme, maintaning that the governor was simply keeping an open mind by listening to the proposal, an attendee at a meeting where the idea was pitched to teachers’ groups told The Huffington Post that the governor was fully behind the idea. Insurance Commissioner Jose Montemayor, a Perry appointee, was a particularly enthusiastic advocate.
Tag Archives: pensions
From The Miami Herald:
Gov. Rick Scott acknowledged Tuesday what his staff had refused to disclose: He flew to Colorado over the weekend to attend a secretive policy retreat hosted by powerful conservative donors Charles and David Koch.
“It was very interesting,” Scott said. “They wanted basically to know what am I doing in Florida.”
Scott said he gave an overview of his agenda since taking office in January: education and Medicaid reform [translation: screwing the poor and middle class], tax breaks for businesses [translation: screwing the poor and middle class], drug-testing welfare recipients [translation: screwing the poor and making money for Solantic, his urgent care centers that do drug-testing] and overhauling the public employee pension system [translation: screwing the poor and middle class].
From CROOKS AND LIARS:
Let’s see: There were so many union supporters that Sarah Palin was drowned out at this Madison rally yesterday, yet the AP just can’t estimate how many of the thousands of people who attended were supporting unions. Here’s a clue, guys: They’re not the ones with the misspelled signs:
Capitol Police estimated about 6,500 people converged on the building Saturday, but said it was impossible to tell how many were tea partyers and how many were labor supporters.
Tea party activists are a loose coalition of community groups largely made up of people with conservative views who believe government has grown too large.
From The Miami Herald:
Call 2011 the year of the Republican governor.
Newly elected officials such as New Jersey’s Chris Christie, Florida’s Rick Scott and Wisconsin’s Scott Walker are exerting power in dramatic ways and jumping over each other for a share of the national spotlight.
From the Atlantic:
One is a bald, blue-eyed former hospital executive brand new to public office. Another is a career politician who leads statewide motorcycle tours to boost tourism. And the other is a former congressman and FOX News host who called a cop who gave him a traffic ticket last month an “idiot.”
All three are newly elected Republican governors facing massive political upheaval over their slash-and-burn approach to state spending and rejection of billions of federal dollars for high-speed rail projects.
Call them the “Three Scrooges”: Rick Scott of Florida, Scott Walker of Wisconsin, and John Kasich of Ohio. Walker and Kasich replaced Democrats, and Scott replaced a Republican-turned-independent.
MADISON, Wis. — Gov. Scott Walker on Friday ruled out a compromise proposed by a key union to retain collective bargaining rights in exchange for public workers accepting benefit cuts.
At a press conference, Walker said he could not consider the offer by the largest state workers union because it only covered some public employees and came late in the process.
Walker and other Republicans have been trying to pass a controversial bill that would end a half-century of collective bargaining for most public workers in Wisconsin.